Questions from Financial Accounting

Q: Oxfam Great Britain’s purpose is to help create lasting solutions to the

Oxfam Great Britain’s purpose is to help create lasting solutions to the injustice of poverty. As stated in its Memorandum of Association, the objects for which Oxfam is established for the public ben...

Q: The Financial Reporting Council (FRC) in the UK has set

The Financial Reporting Council (FRC) in the UK has set out an accounting standard for micro entities, which are the very smallest companies. Typically they have fewer than 10 employees. One permitted...

Q: Whitbread plc: main points from financial statements Extracts from the

Whitbread plc: main points from financial statements Extracts from the Annual Report Whitbread is the UK’s leading hospitality company We have built two of the UK’s...

Q: Scope and quality of audits needs reform, say City chiefs

Scope and quality of audits needs reform, say City chiefs Auditors have had their “heads in the sand” and must provide a far more rounded view of companies’ health than the current statutory “truth an...

Q: J Sainsbury plc: annual report of a service business We

J Sainsbury plc: annual report of a service business We want to be a place where people love to work and shop. That means harnessing the talent, creativity and diversity of our colleagues to ensure th...

Q: 17. Which of the following statement is/are correct?

17. Which of the following statement is/are correct? (a) All pages of the annual report of a typical public company are heavily regulated by the company law. (b) The auditors are responsible for pre...

Q: 6. Which of the following reflects the effects of a payment

6. Which of the following reflects the effects of a payment to creditors on the accounting equation? (a) Assets decrease: ownership interest decreases. (b) Assets decrease: ownership interest increa...

Q: 6. Which of the following reflects the effect of the delivery

6. Which of the following reflects the effect of the delivery of finished goods to customers on the accounting equation? (a) Assets decrease: ownership interest decreases (b) Assets decrease: owners...

Q: On 1 January Year 1, Company A purchased a bus costing

On 1 January Year 1, Company A purchased a bus costing £70,000. It was estimated to have a useful life of three years and a residual value of £4,000. It was sold for £8,000 on the last day of Year 3....

Q: 16. A manufacturing company has carried out the following business transactions

16. A manufacturing company has carried out the following business transactions: • 500 kg of raw materials has been purchased for cash at a price of £3 per kg. • 300 kg of the raw materials has been...